Compare And Contrast Karl Marx And Adam Smith

1015 Words5 Pages
Many historical figures have different views on how a country should be governed. Two in particular are Karl Marx and Adam Smith. Both men are best known for their opinions on how a country’s economy ought to be run. Adam Smith believes in capitalism, while Karl Marx would rather have a socialist economy. They expressed entirely new ideas that nations still follow today. These two men have completely different views on the class system, economy, and government of a nation. Adam Smith was a Scottish economist and is known as the “father of modern economics”. In 1776, Smith published The Wealth Of Nations. This is believed to be the first piece of literature to focus on government and economy. During this time, mercantilism was a popular economic…show more content…
Smith believed that the free market economy can bring profit and wealth through the invisible hand process.Meanwhile, Marx believed that a capitalist economy is suppressing the lower and working classes and expands the gap between rich and poor. In response to this, Marx encouraged the lower classes to revolt and get rid of classes and government completely. Smith encouraged the separation of classes and believed that it was an essential part of a functioning economy. Smith wanted workers to be able to pursue their own business ventures without the government interfering. While Smith believed in competition, Marx believed that it only brought upon greed. Marx encouraged people to fight for what they believe in. Meanwhile Smith wanted to live peaceful and in harmony with each other. Marx encouraged the belief of everyone sharing as a means of equality. In conclusion, while Marx and Smith agreed on multiple key points their view on the roles of classes and distribution of goods and services greatly differ. Karl Marx believed in revolution and equality, Smith believed that a class system brought about equality and stability. These two men are the reason that many different forms of economy and government are created today. They expressed a new way of
Open Document